Suddenly Wealthy Require Special Skills Electronic Accountant Online (08/21/00) Vol. 3, No. 5 p.32; Phillips, Lawrence C.; Robinson, Thomas R.
As individuals are finding themselves with large sums
of money from inheritances and huge stock market gains, financial
planners must serve this fast-growing market with customizable
plans that allow for successful wealth transfer, according to an
article in the upcoming issue of Accounting Today. Financial
adviser Allen F. Ross writes, "What is needed is a multi-faceted
program to dramatically enhance the transfer of wealth to future
generations." He states the need for a custom-designed strategy
created through a variety of planning tools prepared by a
professional who has knowledge of Internal Revenue Service
requirements, estate planning techniques, tax-efficiency methods,
and insurance law.